Required Fintech Reading: Jan 3 - 9

"The report says that to win this new type of customer in the face of growing competition, banks have to do more than simply offering basic online and mobile services. Instead, they should use their expertise and data to provide millennials with more advice on managing their finances."

"Organizations need to think about the problem they are trying to solve. If you went out there and said, “We’ve got a great tool to help you do budgeting,” all you’re really asking for is for people to ignore you. If you go out and tell people, “We want to help you get smart about your money so you can find ways to save $20 a week, or make your dollar go farther, and it’s really not going to be that challenging for you to do so,” … you’re much more likely to get a captive audience."

"Startup companies like Birchbox and Uber are winning the game of consumer marketing because of one single variable – they are marketing in the year that we actually live in. Unfortunately, too many financial marketers continue to promote messages in places where consumers are less likely to see it, hear it or feel it."

"What does "cool" mean in banking? It means offering apps that are capable of personal financial management and that are simple to use online and on mobile devices. It means making digital channels securely cool by authenticating customers' identities using their geolocations and mobile signals."

"As consumers continue to adopt digital channels for everyday banking transactions, and as they use digital channels when researching consumer products, banks and credit unions will increase digital budgets as they change their marketing to match evolving consumer behavior."

Bold Banking Predictions for 2015American Banker lists 11 predictions from industry thought leaders. Here's the first quote in the list, from Dave Edmondson at Accenture:

"2015 will see banks move beyond their traditional role as product providers to play a deeper role in the everyday lives of their customers. With digital technologies, banks will help customers reach decisions about what to buy, and where and when to buy it-whether it's a home, car or even a restaurant meal. Banks will also offer new services such as personal financial management tools. Some financial institutions are already heading down this 'everyday bank' path."